In her Budget 2023 speech on February 1, Union Finance Minister Nirmala Sitharaman made a statement that made gem and jewellery industry players sit up and take notice she announced the removal of the 5% customs duty on seeds used to manufacture rough LabGrown Diamonds (LGDs), thus ensuring duty-free import of the raw material of LGDs.
That was not all. With the aim of cutting dependence on imports, she went on to announce a five-year grant of Rs 242 crore to IIT Madras to give a fillip to the domestic production of LGD seeds, and the machinery used to create LGDs. "India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab-Grown Diamonds, and it holds huge promise. To seize this opportunity, I propose to reduce basic customs duty on seeds used in their manufacture.
"To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," Sitharaman said.
UNION FINANCE MINISTER NIRMALA SITHARAMAN IN HER BUDGET 2023 SPEECH
India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab-Grown Diamonds, and it holds huge promise. To seize this opportunity, I propose to reduce basic customs duty on seeds used in their manufacture. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years.
HUGE IMPETUS TO LAB-GROWN DIAMONDS
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Denne historien er fra January - February 2023-utgaven av Diamond World.
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